Mumbai, March 28: Amid global tensions and a decline in crude oil prices, gold prices have surged by 5.77% this week.
On Friday, MCX Gold April futures saw an increase of 0.15%, while MCX Silver May futures experienced a slight drop of 0.09%. Currently, gold futures are trading around ₹1,44,500, and silver futures are approximately ₹2,27,750 per kilogram.
According to data from the India Bullion and Jewellers Association (IBJA), the price of 999 purity gold was ₹1,42,942 per 10 grams on Friday, significantly higher than Monday’s price of ₹1,35,141.
However, a slight decline in spot gold was observed on the last trading day due to a stronger US dollar, which exerted pressure on prices. In India, MCX Gold rebounded well from a weekly low of ₹1,29,595 per 10 grams, while international Comex gold closed above $4,500 per troy ounce.
Experts suggest that the recent dip in gold prices occurred as investors sold gold to raise cash and offset losses. Nonetheless, the overall trend for gold remains strong, supported by continuous purchases from central banks and global tensions.
Additionally, rising US Treasury yields have diminished the attractiveness of non-interest-bearing investments like gold, putting further pressure on prices.
This week, Brent crude prices fell from approximately $120 to $93 per barrel, alleviating inflation concerns and aiding gold’s recovery from lower levels.
Experts predict continued market volatility in the near future, influenced by news from the Middle East, crude oil prices, and decisions from central banks.
One analyst noted that after last week’s sharp decline, the commodity market is attempting to stabilize, with prices gradually gaining strength.
Currently, MCX Gold is holding strong support around the ₹1,36,000 to ₹1,40,000 range, while resistance is seen at ₹1,55,000 to ₹1,60,000.
My name is Bhupendra Singh Chundawat. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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